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USD/JPY Torturing Both Bulls and Bears; It Can’t Stay Here

USD/JPY Torturing Both Bulls and Bears; It Can’t Stay Here

2014-05-20 19:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Torturing Both Bulls and Bears; It Can’t Stay Here

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“USDJPY has rebounded from the line that extends off of the February and 3/14 lows. The rally from the February low channels in a corrective manner and makes 104.12 important from a bigger picture bearish perspective.” NFP Friday makes 103.01 the new important level.

-A break would target 99.44 (2 equal legs from the Jan high).

LEVELS: 100.00 100.74 101.10 | 101.40 101.66 101.86

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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